Subscriber Under Regulation ATS is a current Regulation ATS defined term. This guide preserves the rule-specific meaning and boundary instead of replacing it with informal market shorthand.
ReviewedEvidence1 sourceSectionPhrases & Idioms
Quick answer
Regulation ATS defines a subscriber by contractual access to an alternative trading system for securities transactions or order activity, while excluding national securities exchanges and associations.
Key details
Canonical FormSubscriber
Core MeaningUnder 17 CFR § 242.300, a subscriber is a person with a contractual agreement to access an alternative trading system to effect securities transactions or submit, disseminate, or display orders; a national securities exchange or national securities association is excluded.
Further guidance
History Boundary
This page reflects the current reviewed Regulation ATS definition and should be rechecked if 17 CFR § 242.300 changes.
Meaning
Under 17 CFR § 242.300, a subscriber is a person with a contractual agreement to access an alternative trading system to effect securities transactions or submit, disseminate, or display orders; a national securities exchange or national securities association is excluded.
Usage Boundary
This is a rule-specific regulatory definition; it should not be generalized to every customer or user of a securities service.
Sources and evidence
Sources are shown with the role they play in this guide. Historical or style-sensitive claims are kept within the evidence boundary described above.
17 CFR § 242.300 — Definitions↗ (opens in a new tab)Legal Information Institute, Cornell Law School · Current e-CFR mirror of Regulation ATS definitions, including the operative definition of alternative trading system incorporated by Regulation NMS.
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